2022: The year of the smaller deal
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A down year, to be sure, but a healthy one by historical standards. PitchBook’s just-released US PE Breakdown, the annual version, estimates $1.01 trillion in capital invested in 2022. That’s down from 2021’s $1.26 trillion reading, but it’s another $1T showing nonetheless. More than half ($555 billion) of the total was front-weighted in the first two quarters, while quarters three and four were relatively soft. The market didn’t enter 2023 with the same oomph as it did last January.